Denmark's PBS takes over card acquiring business
05 January 2006 | 7237 views | 0
Danish payments body Payment Business Services has bought out card acquiring company PBS International. Financial terms of the deal were not disclosed.
PBS International manages all Payment Business Services' card acquiring operations.
The unit was spun off from Payment Business Services in 2003. At the time the division handled card issuing and acquiring. The issuing business was sold to SEB Card in 2004. Payment Business Services has now bought back the acquiring unit.
Payment Business Services, which is the largest card processor in the Nordic countries by transaction volume, says the merger will create a competitive player in the Northern European market that is able to make a stand against the largest American and European firms.
Sven Lystbæk, chairman of the Payment Business Services board, says: "By merging the two companies we increase our volume as well as our product range. These are very important elements when you wish to cope in an international market characterised by fierce competition and mergers. The acquisition underlines our wish to take part in the consolidation which is already going on in Europe."
All PBS International staff will be transferred to Payment Business Services.
Separately, Payment Business Services says the number of card payments made via the Internet by Danish consumers rose by 40% in 2005 to 19 million transactions, compared to 2004 when 13.5 online card payments were made.
Christmas shopping on the Internet also reached a record high, with the number of online payments rising 46% in December 2005, compared to December 2004.